Rent's too darn high? Just wait

Renters May Need to Brace Themselves

Rents skyrocketed in 2014 and many analysts did not think those escalating costs would be sustainable. But they have yet to slow in 2015 – and in fact, rents have gotten higher -- and the

increases likely will continue into next year.
Annual rent growth in September was 5.2 percent – the highest since 2011, according to Axiometrics, an apartment research firm. That also marks the eighth consecutive month the rate has been 5 percent or higher. A year ago, annual rent growth was 4.1 percent.
"The eight months the rate has been above 5 percent is the longest sustained period of strength we have seen,”
"Younger, newly formed households continue to move out of their parents' or roommate living arrangements and rent an apartment, driving up the demand for more rental units," “Thirty-five percent of new home starts in 2015 have been multi-unit,” CNBC reports. “That is higher than a year ago and the highest share since 1973. Developers are simply going to where demand is highest and most lucrative.” Source: RosaPace@Realtor.com

How to Score a Deal on a Home

After School Starts
 Maybe you thought spring and summer were the prime time for buying.
as their kids finally return to classes. (And can you really blame them?) But with summer sputtering to a close, parents aren’t the only ones who should be celebrating. Would-be home buyers, rejoice! If you’re looking for a good deal on the right home, now is

Here are four ways to make it happen.
1. Stop procrastinating and get started
“There are fewer buyers looking, so there’s less competition. “No matter how hot a market is, you’ll still see price reductions and more inventory staying on the market longer from September through December.”

2. Ask for concessions, but stay flexible
After school starts, sellers are more inclined to negotiate terms to seal the deal.“I’m seeing more sellers contribute to closing costs, which appeals to buyers who might have a steady income and great credit but don’t have a lot of cash saved up. A home buyer warranty, carpet allowance, and appliance upgrades are a few things you can ask for if sellers can’t budge on price. Sellers also have a bargaining chip in negotiations: They can ask for an extended closing date, or ask to rent back their home until they find their next property,
3. Take your time
In recent years, home buyers have increasingly dealt with bidding wars, over-the-top cash offers, and low inventory. The result? If you don’t jump on a home that you kind of like, it’ll be gone.
But waiting until school’s in session means you can take your time when searching for the perfect home—and making an offer that makes sense for you.
“When the kids are back in school, they can take their time to look at homes online, go to showings, and dedicate more time to the process so they find the right home.

4. Research comps—and be ready with the right offer
In a high-demand, low-inventory market, buyers are ravenous—and willing to shell out big bucks (sometimes over asking price) to get the home they want.

Truth is, the end of summer has some distinct advantages for home buyers who aren’t tied to the academic calendar. So, with the kiddos back in school, you might be able to swoop in and score a deal. Source Rosa.Pace@Realtor.com

 

Build Your Own

Haunted House

 

Phantom gargoyles, boards that creak, eerie cobwebs, a witch's shriek - build your house from things that scare - delight with fright - make more & share!



Home Buyers Advantage?

Advantage: Low mortgage rates, declining home prices, and homes that are lingering on the market
longer are three main reasons why the next three months could be the best time to buy so far this year, says Jonathan Smoke, chief economist.
“The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply,” Smoke says. “Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.”
The biggest challenge buyers will likely face buying in the next three months is the limited number of choices. There are fewer homes for-sale this fall than last year and housing inventory has already peaked for 2015, Smoke says. In many markets, real estate is making its seasonal transition and is tilting in favor of home buyers lately.
Here are some more factors pointing to a slowdown in the overall housing market:

• Median home prices dropped 1 percent month-over-month in August (however, prices are still up 6 percent year-over-year).
• Homes are staying on the market longer: The median age of home inventory is 80 days, up nearly 7 percent from August.
• Mortgage applications dropped 6.7 percent week-to-week.

Also, buyers are locking in low mortgage rates as the Federal Reserve continues to delay raising rates. For the past 10 weeks, the 30-year fixed-rate mortgage has averaged below 4 percent, according to Freddie Mac. Source: realtor.com® (Sept. 29, 2015)

Things Fall Home Buyers Should Notice

"Buying a Home This Fall?

Despite spring being the peak home buying season, buying in the fall might actually be the

best option for house hunters. Overall there's less competition, more inventory to choose from, a better chance of getting a good deal, and the weather gives a well-rounded picture of how the house will feel throughout the year.
Here's what buyers need to pay attention to in the fall:
1. Air conditioning status: Most likely the air conditioner won't still be cranking in the fall, so it might escape buyers' minds to check it out.
2. Check the drainage: Besides taking a look at the gutters,  your buyers should also look at the drainage situation of the home.

However, just because a house looks picture-perfect to clients in the fall, it doesn't mean it's the ideal property year-round. You need to pay attention to the little details "that aren't as noticeable in the fall as they might be in the winter or summer months,"  Learn more.